Richemont, owned by South African billionaire Johann Rupert, has announced the sale of Swiss watchmaker Baume & Mercier to Italy’s Damiani Group, a surprising move that reshapes ownership of one of the world’s oldest luxury watch companies.
According to Forbes, the companies said in a joint statement that the transaction is scheduled to completion in the summer of 2026, subject to customary conditions. The financial terms were not disclosed.
Damiani, a family-owned jewelry company, announced plans to increase Baume & Mercier’s exposure and worldwide reach by utilizing its multi-brand distribution network and gradually opening select mono-brand boutiques in important places.
To facilitate a smooth transition, Richemont will continue to provide operational services to the brand for at least 12 months after the transaction closes.
Baume & Mercier, founded in 1830, is one of the world’s oldest continuously functioning watchmakers, despite numerous ownership changes.
It has developed its reputation on accessible luxury timepieces, relying primarily on wholesale partners and having a strong presence in Europe, particularly Italy. It joined Richemont in 1988 as one of the luxury group’s founding brands.
Richemont, founded the same year by South African billionaire Johann Rupert, is based in Switzerland and one of the country’s most valuable corporations.
In 2025, the firm had revenue of €21.4 billion ($25.1 billion), and it owns prominent jewellery, watch, and fashion brands including as Cartier, Van Cleef & Arpels, IWC Schaffhausen, and Montblanc.
Damiani was founded in 1924 in Valenza, Italy, and is well renowned for its gold and gem-set jewellery. The firm, which reverted to private ownership in 2019 following a family-led takeover, has a global network of boutiques and franchisees, with Italy retaining its major market.